Fear of Covid-19 hits the peso and weakens it against the dollar

MEXICO CITY. The Mexican peso depreciated on Monday as riskier currencies lost ground against the dollar as investors returned to worry about the advance of COVID-19, especially the highly contagious Delta variant, which would hinder economic recovery.

The local currency was trading at 19.9798 per dollar, down 0.53 percent from 19.8750 in the . reference price on Friday. During operations in the Asian market, the peso depreciated to 20.0250 units.

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The government of the populous Mexican capital will accelerate the vaccination of its inhabitants against COVID-19 starting this week, after verifying a significant increase in infections and hospitalizations in recent days.

The situation in the capital is part of a re-outbreak of the virus in Mexico, the fourth in the world with the most deaths from COVID-19. On Saturday, 12,631 new cases were registered, the fifth consecutive day with more than 10 thousand.

“Investors are studying the evolution of the market in view of the risks of a contraction in demand derived from the expansion of the Delta variant, which returns the tone of caution to the market,” Monex Europe said in a report.

Meanwhile, oil prices plunged more than 2 percent after the OPEC group of producing countries overcame a recent dispute and agreed to increase production at a meeting on Sunday.

* jci

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